Some Yorkshire BS increased interest rates

retiree

You probably won't believe this, but YBS has announced interest rate increases backdated to 29th January on Internet Saver and Triple Access Saver ISA.

Polly05

Ooh. What's the rate? 

retiree

Polly05 said:

Ooh. What's the rate? 

0.3% Internet Saver, 0.35% Triple Access Saver ISA. Both are closed to new members.

There may also be other changes, but I cannot find a way to link to the full list.

whirlyhead

I have an internet saver with them - 0.3%!  Woo! That means I will earn enough interest to buy a cup of coffee this year. 

Polly05

Hopefully, this and the new banking incentives, might mean better benefits coming soon..

MaxiRobriguez

whirlyhead said:

I have an internet saver with them - 0.3%!  Woo! That means I will earn enough interest to buy a cup of coffee this year. 

Headline in summer: Coffee bean inflation set to soar.

Rich2808

Would be nice if they reinstated their regular saver - even at only 1% - that is what mutuals are supposed to be there for (helping people build up a nest egg to buy a house etc).
I can't get overly excited about 0.3% rates - annual interest on £1,000 wouldn't even buy a cappucino.

eddie7612

Apparently this modest increase is costing them £20 million, which shows how much money is sat in low-interest accounts. Which is interesting when usually you hear how few people have any significant savings.

eskbanker

eddie7612 said:

Apparently this modest increase is costing them £20 million, which shows how much money is sat in low-interest accounts. Which is interesting when usually you hear how few people have any significant savings.

If a 0.2% interest rate rise costs them £20m (as stated at https://www.ybs.co.uk/media-centre/extra-interest/index.html ) then that would suggest that their savings book is currently valued at circa £10bn - the article claims over 1.6 million savers, so that would imply an average balance of about £6k....

happybagger

eskbanker said:

eddie7612 said:

Apparently this modest increase is costing them £20 million, which shows how much money is sat in low-interest accounts. Which is interesting when usually you hear how few people have any significant savings.

 If a 0.2% interest rate rise costs them £20m (as stated at https://www.ybs.co.uk/media-centre/extra-interest/index.html ) then that would suggest that their savings book is currently valued at circa £10bn - the article claims over 1.6 million savers, so that would imply an average balance of about £6k....

Their share balances as at 30 June 2020 were standing at £30bn so that would suggest one third of the balances are affected by this